Buying a new home can seem like an intimidating process. But, the more prepared you are for your big purchase, the less intimidating it’ll seem.
Patrick Weeks and his East Vancouver Homes team bring over a decade of experience to help you throughout the process. But, some extra tips always help, too!
- Buy what you can afford: Work with a lender to figure out what you can comfortably bear and use that to understand the homes that fit your price range. Consider a pre-approved mortgage that’ll usually assess your qualification and provide helpful protection against fluctuating interest rates.
- Tighten the purse strings: Consider limiting spending 3 to 6 months before buying. You certainly don’t want to take any chance with your credit before buying a new home. Try to present the best most reliable self to your lenders to ensure you receive the best possible loan. A new flat screen TV can wait.
- You can’t time the market: Waiting for the perfect time can just mean missing out on the perfect opportunity. Real estate is cyclical, meaning that the best time to buy is when you’ve found a home that’s perfect for you.
- Bigger is not always better: The perfect home also means perfect for your budget. While you might lust over the largest space, factor in demand and affordability when it comes time to sell. The largest home will likely appeal to the smallest audience and will only goes up in value as much as the other properties around it.
- Define your priorities: Create a checklist of your needs and wants, one that extends beyond the property such as neighbourhood, commute, school systems and entertainment. Use this as a checklist when you investigate potential homes to narrow down your options and circle in on the home the best meets your needs.
- Know thy new neighborhood: Get the lay of the land of the place you want to call home. Drop by at different times of day. Try out the commute. Calculate how long it takes to get to the closest grocery store. Make sure that these elements are livable, because they’ll need to be.
- Secret sleeper costs. The big difference between renting and owning a home is sleeper costs. When buying, think beyond your mortgage payment. Think about strata fees, potential repairs or maintenance as well as tax increases. Budget for these items in advance to protect yourself from the potential of losing your home in the future.
- Bid smart and bid fair: Found a home but sweating the asking engagement? Base your bid on two things: what you can afford, and what the property is worth. Be fair and reasonable to avoid enraging the seller. Try sizing up the home on a price per square foot basis. Investigate what other homes in the neighbourhood have sold for to calculate an average.
- Never too soon to think resale: As much as you love your potential home, you’re likely not going to live there forever. Think about who you’ll be selling to when it comes time to move. Buying in a bad school district or in an inaccessible area can limit resale potential. Buying in a good school district versus a bad one can affect your selling price by as much as 20 percent.
- Sweat the details with a home inspection: It’s easy to overlook the little things when you’re swooning over your new home. Things that might seem not quite right at first can become expensive repairs down the road. Bring a friend or family member to help avoid potential problems.
- Posted by Alanna
- On October 31, 2015
- 0 Comments